Lucidworks Secures $50 Million in Growth Funding

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San Francisco: Today Lucidworks, the AI-powered search and discovery firm, announced $50 million in growth financing. Lucidworks will use the capital infusion to expand the company’s enterprise offerings, and to help the companies bring Smart Data Experiences to the market. Top Tier Capital Partners led the round with participation from Silver Lake Waterman, Silver Lake’s late stage growth capital fund. The round also includes existing investors Shasta Ventures, Granite Ventures, and Allegis Capital. The company will continue its leading position in providing the most powerful technology for delivering actionable insights to end users in the world’s largest organizations.

The most successful companies in the world use AI to power sophisticated customer experiences by finding correlations across human, machine, and application generated data in real-time and at scale. These insights help employees and customers break down silos and create a culture of data-driven decision making, a competitive advantage for any organization.

Lucidworks enables today’s enterprise to make sense out of trillions of customer interactions in real-time across multiple channels so that they can deliver amazing customer experiences. To help companies deploy smart data experiences, Lucidworks offers a suite of solutions built on the industry’s most powerful data platform, offering insights delivered via search, the most intuitive of end-user interactions. The most innovative companies in the world use Lucidworks’ Fusion platform to build Search and Discovery, Customer Analytics, and Digital Commerce solutions that deliver personalized, curated customer experiences.

"We’ve partnered with Lucidworks since 2013 and have used their Fusion platform to build search and discovery applications for millions of users and thousands of employees," says Mike Kelly, Chief Information Officer for Red Hat. "Search and findability is at the core of delivering a fantastic customer experience. Lucidworks gives our team the capabilities to deliver innovative applications that increase customer satisfaction and reduce time to issue resolution."

“The industry hasn’t done a great job categorizing our technology. Lucidworks has the potential to impact virtually every industry by making complex data science available to end users directly. The true power of that potential just isn’t captured by ‘enterprise search’ or ‘insight engine’ or any of the other industry language currently in use,” said Lucidworks CEO, Will Hayes. “We’re building around the idea of ‘smart data experiences.’ As a company, this is the direction that guides us beyond artificial intelligence, machine learning, neural networks, and all the other buzzwords. We want to solve the “last mile” problem in AI which is how to ensure that the users who can most benefit from insights can discover them without having to be PhDs in data science. These insights are at the heart of driving better customer experiences and improving employee productivity. Our investors see the power in this approach, and this round underscores their support.”

As the amount of data generated by humans and machines continues to grow exponentially, the ability for companies to make sense out of it becomes prohibitively difficult. Companies like banks and retailers - and from many other industries - invest heavily in development teams and data scientists to make sense out of all of it. Frequently, these efforts result in new insights, but also in new data silos. These learnings are far removed from the people who can actually benefit from using them. As an easy-to-use, but highly scalable technology, search is best positioned to extract meaningful pieces of knowledge from all that data, and let people easily put insights to work.

“TTCP has tracked Lucidworks closely for many years and we believe the company is uniquely positioned to take advantage of the massive amounts of data being generated by organizations,” Garth Timoll, Managing Director at Top Tier Capital Partners. “Lucidworks will help companies across virtually all industries be more intelligent about their data and customer experience.”

This financing round comes after Lucidworks more than quadrupled its ARR over the past three years and the added top quality talent at the highest levels. The wide array of products and integrations offered by Lucidworks allows this powerful technology to be utilized by virtually any business that wants to reduce overhead and increase profit.